Vietnamese Dong

           In preparation for Vietnam, I ordered some Vietnamese Dong just in time. Here are 17 notes, amounting to ₫4.7 million. The best exchange rate I was able to locate online was: ₫1 (VND) = $0.00005003 (USD), or $1 (USD) = ₫19,986.6282(VND). Foreign currency exchange rates unfortunately don't equate to the actual market value, so you exchange your money and receive back a bit less than what your money would actually be equal to. Bummer. The actual market rate at the time of exchange is as follows: $1 (USD) = ₫22,767.50 (VND). This amounts to a -12.2% exchange rate. 

           I know there are physical bank locations who also offer currency exchanges, however, the exchange rates will vary from bank to bank, in addition you may face a minimum order amount, non-member fees, or even the dreaded cash-advance fee. By ordering currency online, I avoided many of these fees. I ended up using Travelex. DO NOT go directly to their website to exchange currency: the rate they openly display for each currency on their general website is a ripoff. Upon investigation, I found a link from US Bank which connects you back to Travelex, but at a higher exchange rate. For instance, at the time my order was placed, the offered exchange rate from Travelex for Dong amounted to $1 USD = ₫17,073.75. Through the US Bank link, the exchange rate increased ~17%, whereas $1 USD = ₫19,986.6282. Actual results will vary; the economy is always changing. To evade potential cash advance fees with this type of transaction, I used my debit card to complete the order; you will need to provide identity verification upon checkout, such as with your date of birth and Social Security number according to federal laws regarding this type of exchange service. The absolute U.S. Dollar amount minimum when ordering through Travelex is $250; there is a $10 shipping fee unless $1,000 or more is ordered. Scheduled shipping time was two days; mine arrived UPS Next Day Air.

           Throughout the trip, the exchange rate between the U.S. Dollar and the Vietnamese Dong remained pretty consistent. A general rule I followed was ₫10,000 = 44¢ USD. The following are the U.S. Dollar equivalents, to three decimals, at the time of exchange:

• ₫100,000 = $5.003
• ₫200,000 = $10.006
• ₫500,000 = 25.015

           The Vietnamese also use other denominations in their currency such as: ₫1,000, ₫2,000, ₫5,000, ₫10,000, ₫20,000, and ₫50,000. I actually encountered and used each of these divisions of banknotes while in country. The most practical I found were the ₫20,000 - ₫200,000. You want to carry enough notes where they’re readably usable, but not to the point they become a hassle when change comes back: think of carrying $10, $20, or $50 U.S. bills rather than $100.

           The current Dong are composed of a plastic polymer material, which replaced the former cotton notes. We found you may still use the cotton notes, which were often the ₫1,000 - ₫5,000, but due to their low division they’re not the most practical to carry in bulk. They work best for exact change when the bill did not conclude at ₫XXX,000. As a note on these note, not all vendors/stores may have these notes on hand so you may be short changed ₫1,000 or ₫2,000 if such a situation occurs. While it’s odd to see this happen, ₫1,000 and ₫2,000 amount to about 5¢ and 9¢ respectively.

Some cotton Dong still in circulation.